In Edge version 3.23 we’ve added auto-detection of tokens for EVM-based chains. EVM chains have a mainnet asset, but they also have tokens that can be held on the chain. In many cases tokens are used to interact with and use decentralized applications, while the mainnet asset is used to pay network fees, providing security for the network. Ethereum is the most widely used network with this structure.
Auto-Detect EVM Tokens
In the world of EVM-based chains, users have a single address that they use for sending and receiving transactions. Both mainnet assets and tokens on the chain are sent to the user’s single address. In order to detect that a user’s address has received a transaction, the wallet software that they’re using needs to read the blockchain, detect that the transaction has been received, and then display the balance of the mainnet asset or token to the user in their app.
Transactions, especially token transactions, can be sent to users in many cases without them realizing it. This is especially common with airdrops – a growing and exciting way for users to accumulate crypto assets. This is because, as far as the blockchain is concerned, the transaction has taken place. But the wallet software the user has may not display the balance to them, because the ability to do so needs to be coded into the app.
To avoid the issue of receiving a transaction into an address without realizing it, Edge has added auto-detection of token transactions. This makes it such that our app will read the blockchain for the user’s address, detect all of the tokens the user has a balance for on that address, and display those tokens to the user automatically.
A challenge with EVM-based chains is that, given that a transaction can be sent to any address on the network, this can result in spam transactions. Users can receive random transactions into their address for assets they don’t know or care about. Due to the plethora of assets on the market, some of which are illegitimate, Edge does not and cannot support all tokens. Instead, we’ve added a large, but curated list of default support for a number of tokens in our app. If we don’t have default support for the token, users can always add the token manually in the app.
To filter out spam transactions appearing in users’ accounts and cluttering their interface with assets they don’t care about, our app auto-detects all of the tokens in which we’ve added default support for, as well as those tokens which users have added manually.
In addition to auto-detection of EVM-based tokens, we’ve added support for a number of Solana tokens, including: LINK, GMT, PYTH, RENDER, USDC, USDT and BONK. Note that we unfortunately won’t be able to auto-detect Solana tokens yet.
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